The Tier 1 Entrepreneur is an individual under the Tier 1 visa category who is granted a visa with the right to set up a business or invest in the UK. The Tier 1 Entrepreneur visa allows foreigners or international businesspersons to get into the UK with a minimum of £50,000 for students as capital available for investment to enter the UK and at least £200,000 for other individuals that have access to such an amount and are ready to invest the money into a successive business for up to 5 years, launch and inherit a UK business in the UK. Be sure to keep the funds with the bank or any other regulated institution to avoid restrictions in spending the funds.
Other requirements may include:
- Being 16 years old and older.
- Must be able to meet the English Language criteria of UK immigration.
- Provide all the documents as proof of funds with the application.
- Must not use same funds on another application with a different business team.
Indefinite Leave to Remain for Tier 1 entrepreneur
Tier 1 Entrepreneur allows applicants to make an initial application for the Indefinite Leave to Remain (ILR) if the business has expanded to £5m in 3 years, or if there has been a good level of job creation of their business in the UK. you can apply for an Indefinite Leave to Remain (ILR) in 3 years after an initial visa is granted. The visa application is assessed through a point system of which applicants are expected to score a total of 95 points to be granted a visa under the UK immigration rules.
If you need guidance on how to apply, the documents you need to present and if you meet the general requirements for the Tier 1 Entrepreneur visa; get in touch with our immigration lawyers who will be happy to render assistance to you.